If you already have a low interest rate on your current mortgage, a home equity loam makes sense. Most lenders offer flexible loan guidelines that allow a home equity loan to be used to pay off debts, take cash out, make home improvements, or a combination.

Many lenders do not require home equity for a new loan. With programs available up to 100% or more of the value of your house, terms can range from 5 to 30 years. The tax savings can be substantial when compared to nondeductible debt. For more information, consult your tax advisor.

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